Take Some Risk out of Eli Lilly

Sell calls against the Big Pharma stock in anticipation that it could hit a drug-related speed bump.

The stock and options markets are sending sharply different messages about Eli Lilly.

The pharmaceutical company's shares are trading at a freshly set 52-week high. But Eli Lilly's (ticker: LLY) options are priced in anticipation of a significant decline in October tied to expectations that a planned Alzheimer's drug may not be approved.